well it depends what you want to get out of playing the bass.
do you want to be able to churn out scale after scale? and know all these things about theory that take time to compute while playing? or would you like a more natural approach and be able to play musically on your instrument.
I don't think there's any need to sell your soul to theory. It's never a bad thing to know more about theory than we do already, but when you come to actually perform on the bass, or any instrument, you should be letting all of that stuff go. Not thinking about scales, modes, licks, theory, anything.....
To get to that point you need to build up a vocabulary of musical ideas. Things that you work on and put away into your subconcious. Things that will come out naturally without you having to think about them at all.
What style of music are you into playing?
nomatter what style it is you can amass this vocabulary though transcription. Whether it be metal bass lines played with a pick, or a saxophone solo by lee konitz, it can all be learnt from a record.
There have been several threads about transcription in this forum and I urge you to check out the post and replies. Some great ideas up there from everyone, and of course you can read my two cents worth on the subject too.
Easy,
Janek